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TABLE OP CONTENTS 



PAGE 

Chapter I. — Introduction 13 

Chapter II. — The Early Banks in Lower Canada 

§1.— The First Banks 22 

§2.— The First Charters 27 

§3. — Characteristics of the Early Banking System 33 

§4. — Environment of the Banks 35 

§5.— Practice of the Banks 37 

§6. — Further Legislation 44 

Chapter III.— Upper Canada, 1817-1839 

§7. — Establishment of the Bank of Upper Canada 53 

§8.— The "Pretended" Bank of Upper Canada at Kingston 58 

§9. — Economic and Political Environment of the Bank. . . 61 

§10.— A Period of Expansion, 1830-1837 65 

§11. — Imperial Regulation of Colonial Bank Charters 67 

§12.— The Growth and Cure of the Banking Mania 73 

§13.— Practice of the Banks 79 

§14. — The Suspension of Specie Payments and the Crisis of 

1837 • ' 87 

§15. — Effects of the Crisis and Suspension 96 

§16.— Incidental Details 106 

Chapter IV. — Province op Canada, 1841-1850 

§17. — The Bank of Issue Proposed by Lord Sydenham 109 

§18. — The Legislation of 1841 and 1843 113 

§19.— Bank Eeturns for 1841; the Bank of British North 

America and La Banque du Peuple 120 

20. — Correspondence with respect to the Dollar Note Cir- 
culation 122 

§21.— Imperial Regulations of 1846 124 

§22.-1847-1850 128 

Chapter V. — Province op Canada, 1850-1867. 

§23.— The Free Banking Act of 1850 133 

§24. — Amendments and Supplementary Measures 14 

§25.— Faults of the System 145 

§26.— Statistical View of the Free Banks 148 



10 Table of Contents 

§27.— Repeal of the Act to Establish Freedom of Banking, 

and Disappearance of Banks organized under it. . . . 150 

§28. — Continuation and Amendment of Bank Charters 153 

§29.-1857-1863 158 

§30.— Failure of the Bank of Upper Canada 165 

§31.-The Provincial Note Act of 1866 177 

§32.— Effects of the Provincial Note Act 180 

Note. — Relation o£ the Bank Note Issue to the Prerogatives 

of the State 196 

Chapter VI. — New Brunswick and Nova Scotia 

§33.— The Bank Charters of New Brunswick 200 

§34.— Nova Scotia 205 

§35 — Relation of Bank Legislation in the Maritime Prov- 
inces to that of the Dominion 211 

Note. — The Treasury Notes of the Province of Nova Scotia. 215 

Chapter VII. — Banking Reforms, 1867-1871 

§36. — Preliminary Measures 219 

§37.— The Question of Banking Reform 222 

§38. — The Case against Bank Circulation secured by Pledge 

of Bonds 231 

§39.— Mr. Rose's Banking Scheme 239 

§40.— The Banking Policy of Sir Francis Hincks 245 

§41.— The "Act respecting Banks and Banking," 1870 254 

§42.— The "Act relating to Banks and Banking," 1871 258 

Chapter VIII. — Banking Under the Confederation, 1867-89 

§43. —The Expansion between 1867 and 1873 264 

§44.— Depression, 1874-1879 272 

§45.— Bank Failures and Losses, 1874-1879 279 

§46.-The Bank Act Revision of 1880 288 

§47.— Dominion Note Legislation, 1872-1880 295 

§48.-1880-1889 ." 297 

§49.— Bank Failures, 1883-1889 305 

Chapter IX. — The Revision of 1890 

§50. — Demands for Reform and their Causes 315 

§51. — Discussion Preceding Parliamentary Action 319 

§52. — Reforms Adopted by Parliament 327 

§53. — Summary and Review. 351 

Chapter X. — On the Present Working Of the System 

§54. — Characterization of the System 360 

§55. — The Principle of Large Banks 365 

§56.— The Principle of Branch Banking 375 

§57. — The Canadian System of Note Issue 386 



Table of Contents 11 

§58 — Advantages Incidental to the Canadian System of Issue 412 

§59— Reserves 425 

§60. — Bank Inspection and the Depositor. 435 

§61. — The Shareholder and Borrower of the Canadian Bank 440 
§62. — The Business of Canadian Banks 452 

APPENDICES 

I.— Tahle showing the Grand Totals of the Liabilities and Assets 
of the Chartered Banks of the Dominion of Canada as 
reported to the Government, on the 30th June, 1867; the 
31st December, 1868-1893; and the 30th June, 1894 459 

II. — Sundry Items of the Statements of Liabilities and Assets 
furnished to the Department of Finance for the last jurid- 
ical days of the months ending the 31st December, 1890- 
1893, and the 30th June, 1894, by Chartered Banks of the 
Dominion of Canada having Paid-up Capital Stocks of 
$500,000 or over 463 

III. — Table showing Grand Total of Notes in Circulation at the 

end of each Calendar Month, January, 1879, to June, 1894 470 

IV.— Bibliography 471